New York, NY 14 Jan 2021: The global rapid medical diagnostic kits market size is predicted to reach USD 23.04 billion by 2027 according to a new study by Polaris Market Research. The report “Rapid Medical Diagnostic Kits Market Share, Size, Trends, Industry Analysis Report, By Product [Professional and Over-The-Counter (OTC)]; By Technology (Agglutination, Solid Phase, Lateral Flow, and Other Technologies); By Application; By End-Use; By Regions; Segment Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Rapid medical diagnostic kits are also known as ‘immediate test kits’ which are designed to provide instant access to diagnose the patients or the individual with several types of diseases. The rapid medical diagnostic kits can be accessed 24/7 and help to deliver the immediate course of action during an emergency period. The rapid medical diagnostic kits are also cost-effective and easy to access anywhere.
Recent developments in the global market include the new test launches such as SARS-CoV-2 rapid antigen test, 2019-nCoV IgG/IgM test kit, On-Call Sure Platform, Afinion HbA1c Dx, TruQuick, etc. The launches are associated with the diagnosis of diseases such as cardiac disorder, diabetes, infectious disease, and others, which further leads to drive the market growth.
The prominent factors favoring market growth include increasing launches and initiatives by the market players to provide rapid treatment for addressing the diseases of the patients in the healthcare industry. For instance, in July 2020, Bupa UK Insurance announced to launch a rapid cardiac assessment service which can be accessible at home and can perform all the diagnostic tests.
Market participants include Zoetis, ACON Laboratories, Inc.; Trinity Biotech, Abbott Laboratories, McKesson Medical-Surgical, Inc.; Sight Diagnostics Ltd, F. Hoffmann-La Roche AG, Artron Laboratories Inc.; Meridian Bioscience, Inc.; Alfa Scientific Designs, Inc.; Creative Diagnostics, Becton, Danaher Corporation, Dickinson and Company, Bio-Rad Laboratories, Inc.; BTNX, Inc.; Cardinal Health, and bioMérieux SA among others.
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For instance, in March 2020, Thermo Fisher Scientific has acquired a supplier of sample preparation and molecular diagnostics technologies to enhance the company’s reach globally and therefore drive the market growth. This acquisition strategy by the market players has appeared to dominate a wide share of the global market.
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